Market and product
TOCOM rubber plunge on rising Euro zone crisis
TOKYO (Commodity Online): Uncertainty revolving around the commodity market in Europe due to the rising fear over Greece exit, the rubber futures in Tokyo Commodity Exchange (TOCOM) for October delivery plunged 2.2 yen at 267.9 yen per Kg on Wednesday.
Currently, the situation Europe has become more intense which has forced the investor to restrict investments in riskier commodities.
If Greece exits from the Euro zone, present situation will worsen and affect the economy of the region and eventually lead to weak use of the commodity on less tyre consumption.
In TOCOM, rubber for May delivery traded up 3.7 yen at 259.9 yen per Kg on strong US data.
The rising demand from the tyre industry in India has pushed the rubber futures upwards in National Multi Commodity Exchange (NMCE).
In NMCE, rubber for June delivery traded higher at Rs 19,460 per ton on 16th May at 11:55 IST.
